Itm Power Regulatory News (ITM)

20 Nov 2007 07:00

ITM Power PLC20 November 2007 For release at 07.00am 20 November 2007 ITM Power plc ("ITM" or "the Company") Preliminary Design Agreement ITM Power plc (AIM:ITM), the technology and research company focused on thecommercialisation of the hydrogen economy, is pleased to announce that it hassigned an agreement with Boeing Research & Technology Europe S.L. to prepare aPreliminary Design of an Environmentally Friendly Refuelling Station for FuelCell Powered Unmanned Air Vehicles. Jim Heathcote, CEO ITM Power, said: "We are pleased to be working with Boeing and believe this is an interestingagreement for both parties. At the moment, this does not imply a commercialtie-up, does not guarantee any on-going commercial relationship and is a smallfinancial transaction, but it does represent early stage commercial revenues forITM." For further information please contact: ITM Power plc 01799 542 222Jim Heathcote, Chief Executive Officer Panmure Gordon & Co. 020 7459 3600Katherine Roe Buchanan Communications 020 7466 5000Ben WilleyRichard DarbyBen Romney Notes to the Editors: ITM Power is a developer of low-cost hydrogen technologies. The Company hasdeveloped new materials and processes that dramatically reduce the cost of fuelcells and electrolysers. The patented membrane materials used in the deviceshave higher performance and are 1% of the cost of the industry standardmaterials. Electrolysers work by converting water and electricity into hydrogen and oxygen.The hydrogen produced can be used as a replacement for fossil fuels andfacilitate zero carbon housing and pollution free motoring. ITM Power was founded in 2000 and floated on the London Stock Exchange's AIM inJune 2004. This information is provided by RNS The company news service from the London Stock Exchange